The total value of real estate and infrastructure projects in Saudi Arabia has exceeded $1.1 trillion since the kingdom’s National Transformation Plan was launched in 2016, according to a report from real estate consultancy Knight Frank, whose launch coincided with the Saudi Infrastructure Summit taking place today in Riyadh.
The plan includes 15 mega projects in various stages across the Kingdom, including more than half a million housing units, more than 275,000 hotel rooms, 4.3 million square meters of retail space, and more than 6 million square meters of new office space expected to be completed. of them by 2030, making Saudi Arabia the largest construction site ever.
At the heart of the transformational plans are healthcare, education, and welfare projects, as more than 19,000 beds are supposed to be added in healthcare projects with investments of about $14 billion.
and still Neum City The largest mega project announced so far, with investments of half a trillion dollars, the project is scheduled to house 9 million residents when completed, across 300,000 new homes.
So far, $7.5 billion of sub-projects have been awarded in NEOM, and progress in building this segment of projects is 29%.
NEOM includes other sub-cities such as The Oxagon, Trojena and The Line, which will set new standards for luxury living in the region.
According to Knight Frank, 30% of homeowners in Saudi Arabia are willing to spend more than $800,000 on a second home in the kingdom, putting developers in full swing to capitalize on this demand.
The capital, Riyadh is also preparing for explosive growth, with the capital’s population expected to grow by more than 120 percent, reaching 17 million by 2030. In line with this growth, Riyadh has unveiled real estate projects worth $104 billion over the past six years.
Also, 200 billion dollars of investments were allocated in infrastructure projects, the largest of which is the share of the new Riyadh airport with about 147 billion dollars, and the Riyadh metro at about 25 billion dollars.